The REINSW Vacancy Rate Survey results for June 2023 show that while residential vacancies in Sydney have increased slightly, the availability of rental accommodation remains at crisis levels.
The REINSW Vacancy Rate Survey results for June 2023 show that while residential vacancies in Sydney have increased slightly, the availability of rental accommodation remains at crisis levels.
“Over the last month, the vacancy rate for Sydney overall has risen by 0.3% to 1.7%,” REINSW CEO Tim McKibbin said. “While this does represent an increase in vacancies, we’re still experiencing historical lows in the availability of rental accommodation and the rental crisis remains firmly entrenched.”
In contrast, residential vacancies in both the Hunter and Illawarra dropped.
“In the Hunter region, the vacancy rate dropped by 0.3% to be 2.0%,” Mr McKibbin said. “The Illawarra region also dropped, now sitting at 1.3% (-0.5%).”
While vacancy rates further tightened in some regional areas, there were also those areas that eased.
“Vacancy rates for the Albury, Coffs Harbour, Murrumbidgee and New England areas each recorded drops,” Mr McKibbin said. “The Central Coast, Mid-North Coast, Northern Rivers, Orana, Riverina, South Coast and South East areas eased, while the Central West area remained stable.
“REINSW members across New South Wales continue to tell us that the rental market is extremely tough. In some areas, agents have a long list of pre-qualified tenants, but there’s simply not enough stock available to meet demand. Then there are those areas where some properties are available, but rising rents and other cost-of-living pressures mean that tenants simply can’t afford to move in.
“Demand for rental accommodation certainly isn’t slowing and, while this month’s survey does show some easing in rates, this is no cause for celebration.
“The residential rental market is fluctuating, but three things remain certain. The availability of stock is at an all-time low, weekly rents are rising and tenants are faced with ever- increasing living costs.
“None of these things are showing any signs of getting better – in fact, for many, they’re getting worse.”